Zacks Investment Research upgraded shares of Vale SA (NYSE:VALE) from a hold rating to a strong-buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $11.00 target price on the stock.
According to Zacks, “Over the last one month, Vale’s shares outperformed the Zacks categorized Mining-Iron industry’s return. The company reported robust fourth-quarter 2016 results. Quarterly earnings of $0.53 per share surpassed the Zacks Consensus Estimate by a whopping 55.9%. Notably, higher selling prices of products including pellets, nickel, copper, and coal and iron ore fines, as well as lower operational costs are expected to boost the company’s near-term bottom-line performance. The development of new projects is expected to drive the company’s growth in the quarters ahead. Over the last 30 days, the Zacks Consensus Estimate for the stock moved north for both 2017 and 2018.”
VALE has been the subject of several other research reports. Vetr lowered Vale SA from a strong-buy rating to a buy rating and set a $12.23 price objective for the company. in a report on Monday, February 20th. Jefferies Group LLC reissued a hold rating and set a $9.00 price objective (up previously from $7.50) on shares of Vale SA in a report on Thursday, December 1st. Macquarie reissued a neutral rating and set a $9.00 price objective on shares of Vale SA in a report on Monday, February 27th. Credit Suisse Group AG set a $9.00 price objective on Vale SA and gave the stock a hold rating in a report on Saturday, March 4th. Finally, Sanford C. Bernstein reissued a market perform rating on shares of Vale SA in a report on Saturday, January 14th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $8.15.
Vale SA (NYSE:VALE) opened at 10.29 on Thursday. Vale SA has a 12-month low of $3.70 and a 12-month high of $11.70. The company has a market cap of $53.03 billion, a price-to-earnings ratio of 12.61 and a beta of 1.57. The firm’s 50-day moving average is $10.33 and its 200 day moving average is $8.02.
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The business also recently disclosed a semiannual dividend, which will be paid on Friday, May 5th. Shareholders of record on Wednesday, April 26th will be given a $0.2881 dividend. The ex-dividend date is Monday, April 24th. This represents a yield of 5.8%. This is an increase from Vale SA’s previous semiannual dividend of $0.19. Vale SA’s payout ratio is presently -4.00%.
A number of hedge funds have recently made changes to their positions in the stock. Wetherby Asset Management Inc. increased its stake in shares of Vale SA by 10.9% in the fourth quarter. Wetherby Asset Management Inc. now owns 27,995 shares of the company’s stock valued at $213,000 after buying an additional 2,753 shares during the last quarter. Wexford Capital LP bought a new stake in shares of Vale SA during the fourth quarter valued at $218,000. Meridian Wealth Management LLC bought a new stake in shares of Vale SA during the fourth quarter valued at $276,000. Pacad Investment Ltd. bought a new stake in shares of Vale SA during the fourth quarter valued at $390,000. Finally, BigSur Wealth Management LLC bought a new stake in shares of Vale SA during the fourth quarter valued at $663,000. Hedge funds and other institutional investors own 7.98% of the company’s stock.
About Vale SA
Vale SA (Vale) is a metals and mining company. The Company is also a producer of iron ore and iron ore pellets, and nickel. The Company’s segments include Ferrous minerals, Coal, Base metals, Fertilizers and Others. Its Ferrous minerals segment consists of the production and extraction of ferrous minerals, as iron ore, pellets and its logistic services, manganese and ferroalloys, and other ferrous products and services.
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